Sprint CEO Dan Hesse will run the third-largest wireless operator through at least 2018.
SoftBank Corp. has put the Sprint Corp. (NYSE: S) CEO's contract renewal on a five-year cycle, rather than reviewing it every year, as was done previously. SoftBank revealed the extension in a Securities and Exchange Commission (SEC) filing, the Kansas City Business Journal reports.
Hesse started as Sprint CEO in December 2007.
The contract extension was announced just after Sprint axed 161 Clearwire employees. Some executives, like Clearwire CEO Erik Prusch, had already left, rather than waiting to be let go. (See: Sprint Axes More Clearwire Employees.)
— Dan Jones, Mobile Editor, Light Reading